Top 1000 firms profit soars 10.5% to $182.8b

The combined profit of top 1000 companies in Singapore (S1000) increased by 10.5% year-on-year (yoy) to $182.8b this year.

According to the report by Experian’s arm DP Information Group (DP Info) and EY, the combined profits of S1000 companies expanded by $36b between 2013 and 2018 with a compound annual growth rate of 4.5%.

Businesses in the finance sector were found to be the most profitable with each company recording an average profit of $811.5m. They are followed by property sector with an average profit per company of $428.6m.

“Singapore’s top companies are doing what they do best – generating revenue and remaining profitable. We are seeing increased profits from companies in most industry sectors in Singapore, which is a sign of an improved business environment,” said James Gothard, general manager for Credit Services & Strategy of Experian in Southeast Asia, in a press release.

Meanwhile, the profit growth of S1000 companies are attributed to improved margins, which expanded by 11.4% yoy.

The rose in profits is also expected to have a flow effect to the wider economy.

“Having a strong and profitable corporate sector has always been an element of Singapore’s economic success. When companies are doing well, the rest of Singapore also does well,” Gothard added.